The pump price of Premium Motor Spirit (PMS), popularly known as petrol, has risen to as high as N1,040 per litre in Lagos and N1,080 per litre in Abuja, following fresh adjustments by fuel marketers.
The increase comes barely a day after the Dangote Refinery raised its ex-gantry price of petrol to N995 per litre, a development that has triggered a ripple effect across retail outlets.
Checks across several filling stations in Lagos and Abuja yesterday showed that the commodity is now selling at higher prices, reports Sunday Guardian.
At retail outlets of NNPC Limited located in Ilasa, Apple Junction and Ago Palace Way in Lagos, petrol was dispensed at N1,040 per litre, representing an increase of N47 from the previous price of N993 per litre.
Similarly, Emadeb Energy and PM Petroleum stations along the Oshodi–Apapa Expressway were also selling petrol at N1,040 per litre.
At a Techno Oil retail outlet in Festac Town, the product was priced at N1,050 per litre, while stations operated by MRS Oil Nigeria sold petrol at N1,057 per litre.
In Abuja, petrol sold for N1,050 per litre at Gegu Oil Nigeria along the Kubwa Expressway, while Empire Energy filling stations dispensed the product at N1,080 per litre.
However, at an outlet operated by Ardova Plc (AP), the price of the product was slightly lower at N959 per litre.
The latest hike comes amid growing geopolitical tensions in the Middle East, which have significantly impacted global crude oil prices.
On Friday, crude oil prices climbed to about $91 per barrel as the conflict involving the United States, Israel and Iran continued to escalate across the region.
Industry watchers say the developments in the global oil market could further influence domestic fuel prices in the coming weeks.
